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China’s price of 60% ferromolybdenum (FeMo) refreshed its one-year high of Yuan 116,000/tonne ($17,945.2/t) including the 13% VAT as of February 26, according to Mysteel’s assessment. Higher production costs and improved demand had supported the increase, respondents to Mysteel’s latest weekly survey said.
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Carbon steel prices in China’s domestic spot and futures markets moved up further over February 22-26, propelled by sustained optimism about business fundamentals. However, the momentum had slowed by week’s end as actual demand had not fully recovered, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey reversed down by 1.1% on week over February 18-24 after mounting for the seven prior weeks, as many traders and end-users had returned to the market to replenish their inventories after the Chinese New Year holiday.
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Steel stocks held by traders across China increased over the first week after the Chinese New Year holiday, rising by 16.4% on week as mills passed along some stocks to traders, Mysteel Global noted.
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China’s rebar output from the 137 sampled mills totaled 3.09 million tonnes/week over February 4-17, or down for the sixth week by 130,700 tonnes or 4.1% from that over January 28-February 3, though it was still rather high, as most re-rollers and electric-arc-furnace (EAF) mills had halted operations for the Chinese New Year (CNY) holiday over February 11-17, according to Mysteel’s latest survey.
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China’s export offering prices of finished steel including the hot-rolled coil (HRC) and rebar rebounded by $15-25/tonne in the first couple of days after China has been back to work from the Chinese New Year (CNY) holiday over February 11-17, having borrowed support from the higher global steel prices and the rising raw material costs, according to Mysteel’s latest assessment.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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The prices of major steel products including rebar, hot-rolled coil and billet in China’s domestic market soared immediately after the Chinese New Year (CNY) holiday over February 18-19, ignoring the fact that finished steel stocks had built up substantially over the holiday, suggesting the overall market optimism on the domestic steel demand in the near term, Mysteel Global noted.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey grew by a sharp 46.1% over February 4-17, according to Mysteel’s latest weekly survey. Inventories swelled because consumption among end-users stagnated during the Chinese New Year (CNY) holiday over February 11-17 while steelmakers continued to produce during the break.
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Inventories of finished steel held by Chinese traders surged by 32.1% over February 4-17, reflecting the temporary suspension of demand during the Chinese New Year holiday over February 11-17, new Mysteel data shows. The market mood was still cautious, despite wide optimism about a fast recovery of demand, Mysteel Global noted.
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Below are
summaries of the key ferrous data release schedule during the Chinese New Year
holiday over Feb 11-17.
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Global steel export prices continued trending in different directions last week, with prices in Europe and US strengthening further, while those in Asia stayed weak, with trading activity quietening ahead of Chinese New Year (CNY) celebrations in many countries, according to Mysteel’s latest weekly survey.
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China’s rebar output from the 137 sampled steel mills including both the integrated mills and re-rollers declined for the fifth week over January 28-February 3, down 117,200 tonnes or 3.5% to 3.22 million tonnes, as more mills have commenced maintenance on their rolling lines with the Chinese New Year (CNY) holiday just around the corner, Mysteel’s latest survey showed.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with market participants.
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The prices of both rebar and hot-rolled coil (HRC) stayed largely unchanged over February 1-5, as demand had gradually come to a standstill with just a few days away from the Chinese New Year (CNY) holiday, while the high-priced raw materials and market expectation on faster demand revival after the CNY holiday had been preventing from price slumps, Myteel Global noted.
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The most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for May delivery remained rangebound this week, gaining Yuan 15/tonne ($2.3/t) on week, though demand trended down further. Prices were comparatively steady as steelmakers opted to conduct maintenance to limit the impact of high production costs, Mysteel Global noted.
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Blast furnace capacity utilization among China’s 247 steel mills rebounded after four weeks of dips, though up just 0.41 percentage point on week to 90.94% over January 29-February 4, as some domestic steel mills restarted some facilities after the maintenance, Mysteel’s latest survey showed.
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Stocks of the five major finished steel products held by the 184 Chinese steel mills under Mysteel’s regular survey continued to climb over January 28-February 3, reflecting cooling sales activity in the domestic market ahead of next week’s Chinese New Year holiday, according to Mysteel’s latest weekly survey.
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The stocks of finished steel at trading warehouses across China increased further for the sixth week last week as the Chinese New Year (CNY) holiday is not far off and many traders are in holiday mood, according to Mysteel’s latest survey. The rising pace of stocks accumulation quickened to 18.2% over the January 29-February 4 period, from the 13.8% on-week gain in the prior period, the results showed.
